The Goldsboro City Council will have a public hearing Monday for the financing of a new $11 million recreation center.

The council voted in December to move forward with plans to build a new Herman Park Recreation Center with a $735,950 design-build contract with the T.A. Loving Co.

The council is set to consider an $11.7 million financing agreement with St. Petersburg, Florida-based Raymond James Financial for the project, with nearly $11 million for the Herman Park Center and $600,000 for a portion of the city’s matching cost for downtown streetscape improvements. The financing includes a 15-year term and 3 percent fixed interest rate.

The public hearing will be held during the council’s 7 p.m. meeting in City Hall, at 214 N. Center St. After the hearing, the council will vote on the agreement, which will need to be approved by the state Local Government Commission.

The council has discussed ways to replace the Herman Park Center for years, with different building compositions, sizes and costs.

New building proposals in recent years have included potentially tripling the size of the facility, with more than one gymnasium. Cost estimates have varied, with the lowest cost at $8 million to as much as $17 million. After receiving building estimates as high as $17 million in 2017, the council stepped back from the process. The council then decided to seek a proposal that would lower the cost closer to the $10-million mark.

A new Herman Park Center is planned for construction on the same property as the existing center, which is located near the corner of Ash and Herman streets.

The project would replace the current center, which was first constructed in 1892 and used as an orphanage. The city purchased the building in 1971 and converted the property into a community center. The building was modified through the years and has been used as a recreation center for decades.

Details regarding the financing of the project will be presented to the council during its 5 p.m. work session in the City Hall annex, at 200 N. Center St.